7th BIS Annual Conference - Whither monetary policy? Monetary policy challenges in the decade ahead
26-27 June 2008, Palace Luzern Hotel, Switzerland
The proceedings of this conference were published in March 2009.
Programme
Thursday 26 June
| 10:00 | Registration and refreshments |
| 11:00 | Opening remarks: | William White, Bank for International Settlements |
|
Chair: |
Guillermo Ortiz, Bank of Mexico | |
| 11:15 |
Session 1: |
In search of monetary stability: the evolution ofpolicy regimes |
| Paper title: | In search of monetary stability: the evolution of monetary policy Some reflections. Experience - Lessons - Open issues (revised version 30 June 2008) |
|
| Author: | Otmar Issing, Centre for Financial Studies | |
| Discussants: |
José de Gregorio, Central Bank of Chile (comments) Allan Meltzer, Carnegie Mellon University (comments) |
|
| 12:45 | Lunch | |
| Chair: | Durmus Yilmaz, Central Bank of the Republic of Turkey | |
| 14:15 | Session 2: | Monetary policy communication |
| Paper title: | Talking about monetary policy: The virtues (and vices?) of central bank communication | |
| Author: | Alan Blinder, Princeton University | |
| Discussants: | Benjamin Friedman, Harvard University (comments) Y V Reddy, Reserve Bank of India (comments) |
|
| 15:45 | Coffee break | |
| Chair: | Tito Mboweni, South African Reserve Bank | |
| 16:15 | Session 3: | Expectations formation: beyond rational expectations |
| Paper title: | Inflation expectations, uncertainty, and monetary policy |
|
| Author: | Christopher Sims, Princeton University | |
| Discussants: | Athanasios Orphanides, Central Bank of Cyprus (comments) Lars Svensson, Sveriges Riksbank (comments revised version 27 Aug 2008) |
|
| 18:00 | End of day one |
| 19:00 | Reception followed by formal dinner |
| Keynote adress by Edmund Phelps, Columbia University |
Friday 27 June
|
Chair: |
Donald Kohn, Board of Governors of the Federal Reserve System |
|
| 09:00 | Session 4: | Changes in monetary policy transmission |
| Paper title: | Has the monetary transmission process in the euro area changed? Evidence based on VAR estimates (revised version 18 August 2008) |
|
| Author: | Axel Weber, Deutsche Bundesbank | |
| Discussants: | Marvin Goodfriend, Carnegie Mellon University (comments) Arminio Fraga Neto, Gávea Investimentos (comments) |
|
| 10:30 | Coffee break | |
| Chair: | Hamad Saud Al-Sayari, Saudi Arabian Monetary Agency | |
| 11:00 | Session 5: | Price stability and the external dimension |
| Paper title: | China's financial conundrum and global imbalances(revised version 19 August 2008) | |
| Author: | Ronald McKinnon, Stanford University Gunther Schnabl, Leipzig University |
|
| Discussants: | Ricardo Caballero, Massachusetts Institute of Technology (comments) Michael Mussa, The Peterson Institute for International Economics (comments) |
|
| 12:30 | Lunch |
| |
Luncheon remarks by Martin Wolf, Financial Times |
|
Chair: |
Lucas Papademos, European Central Bank |
|
| 14:00 | Session 6: | Credit frictions and monetary policy analysis |
| Paper title: | Credit frictions and optimal monetary policy (revised version 19 August 2008) | |
| Author: | Michael Woodford, Columbia University | |
| Discussants: | Olivier Blanchard, Massachusetts Institute of Technology (comments) Charles Goodhart, London School of Economics (comments) |
|
| 15:30 | Coffee break | |
| 16:00 | Panel discussion: | Beyond price stability: the challenges ahead |
| Chair: | Malcolm Knight, Bank for International Settlements | |
| Panellists: |
Mark Carney, Bank of Canada (comments) Jean-Pierre Landau, Bank of France |
|
| 17:30 | Close of conference |